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  Realtor listing agreement question -- UPDATED with rant
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Realtor listing agreement question -- UPDATED with rant Sign In/Join 
Picture of Dyed Grey
posted
I am about to list my home with a realtor .. who is also my next door neighbor and supposedly a friend .. but I'm questioning the listing agreement he dropped off for my signature:
1. A 1 year contract???? I was thinking 90 days!
2. I have to pay $500 up front to set up a "preliminary escrow account" with a title company. Huh?????
3. Commission is 5.5%, but will drop to 5% if this specific realtor also finds a buyer. Sounds pretty good -- but if another realtor in the same broker office finds a buyer, shouldn't I get the same additional discount?

The only thing we've agreed on so far is the listing price. He's very positive about selling quickly. But then again, that's his job to say so, lol!

What do you folks think?

This message has been edited. Last edited by: Dyed Grey,


~My Guardian Angel hangs out with hunky space aliens~
 
Posts: 4720 | Location: California - San Francisco Bay Area | Registered: Sep 18, 2002Reply With QuoteReport This Post
Picture of Dyed Grey
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By the way, I will also be using him as a buyer's agent to help me find my next home and handle that transaction. We've talked about it, but nothing in writing.


~My Guardian Angel hangs out with hunky space aliens~
 
Posts: 4720 | Location: California - San Francisco Bay Area | Registered: Sep 18, 2002Reply With QuoteReport This Post
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1. 90 days or even 30 to see if he does the expected advertising and promoting. Tell him if you are pleased you will extend it. That said I have signed a 6 month if I know the realtor.
2. I have never done this or heard of it but I do not know CA law.
3. No. He will share the commission with another agent in his office. He only gets to keep it all if no one else helps. You are getting a good deal.
 
Posts: 7029 | Location: North MN & Northern AR | Registered: Oct 01, 2002Reply With QuoteReport This Post
Picture of Jewel
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It sounds like you already don't trust him to act in your best interests. Move on and find another agent.
 
Posts: 8200 | Registered: Sep 18, 2002Reply With QuoteReport This Post
Picture of Dyed Grey
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He and I are cool, Jewel. He's actually a pretty effective agent, although his market niche is for more upscale homes and areas than ours. And the more he can get for my house will certainly help him on his own home's value!

Yep, metwo, you're absolutely right about #3. I didn't fully think that through.

He's already posted a "coming soon" sign that he says has generated a few calls to his office. I'm fairly confident that his advertising and promoting will be as promised.

I really really need a bigger house with raising my 4 g'kids, so I hope pricing this house the way we did will result in lots of buyer activity. And then, of course ... I gotta find new digs I can afford, lol!


~My Guardian Angel hangs out with hunky space aliens~
 
Posts: 4720 | Location: California - San Francisco Bay Area | Registered: Sep 18, 2002Reply With QuoteReport This Post
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One year is too long, I agree with 90 days.
I live in CA,never paid into an escrow account.
In my area of CA 5% is usual commission, with 4.5% usual for one agent.
All of these items are negotiable, only sign when you are very comfortable with all the terms.
Did you interview other agents, what with their recommended terms?
 
Posts: 2463 | Location: Southern CA (Southbay) | Registered: Nov 08, 2005Reply With QuoteReport This Post
Picture of real estate lady
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Ask for a sit down with him to review the listing contract. Never sign anything you don't fully understand. Also, what if you change your mind -or become unhappy with the services what is the withdrawal fee- what about !zero!

It really bothers me ..."Agents that drop offer important documents!"--expecting signatures without review. Not professional, really.

Never heard of #2.

This message has been edited. Last edited by: real estate lady,
 
Posts: 9253 | Registered: Aug 14, 2007Reply With QuoteReport This Post
Picture of Dyed Grey
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This has become a fiasco. At NO point have I signed anything with my realtor neighbor. And by gosh and by golly, I never will, grrrr!

"Gotta trim those trees to let in more light" he says ... so ok, I'm outside trimming trees and he shows up with a chain saw and proceeds to cut every single limb off 3 trees -- with me yelling No! No! Stop! as he's buzzing away and totally ignoring me. The cut limbs smashed down and destroyed 2 full flowerbeds of ferns, ground cover, azaleas, and rhodies. I cried. My nice shade garden is destroyed and a master gardener told me the trees may never recover. My realtor neighbor then told me "I can see into your kitchen and family room now that the trees are trimmed." So my privacy is gone too. (New wood blinds for the windows on that side of the house cost me $500. I can't even imagine the cost of new landscaping.)

"Ya gotta add a wall to the loft stairway and I can do that for you" -- the wall he built was 2" out of square and his friend the electrician moved a wall switch that then required additional repairs to the wall and ceiling. But since he also broke my expensive ceiling fan and light when he yanked it down, I really don't know if the new wall switch works or not. (Cost to repair damages and repaint = $1,750, new fan and light = $300.)

"Ya gotta take out all this furniture to make it look bigger." Uhhhhh .. but I have 4 kids and we need a place to sit and the kids need their desks for school work. I did take out what we absolutely do not need to survive, like an end table, lamps, mirrors, dining room hutch, pictures on the wall, crystal pretties, silver tea set, etc. It's like living in a hotel now and I hate it.

"Ya gotta repaint the living and dining rooms and I can do that for you." NO. They were painted 6 yrs ago in a very neutral color and still look great.

"Ya gotta get rid of the drapery and put in wood blinds and I can do that for you." NO. Drapes are 2 yrs old, expensive lined silk, and a neutral beige. You want more light, open the drapes, dummy!

My home is 20 years old and in excellent condition in a prime location. Laminate floors and stairs, tiled bathrooms, bedroom carpeting are all less than 8 years old. Outside was painted 5 yrs ago. All bath fixtures, including potties and lights, were replaced last summer. Kitchen appliances are only 6 yrs old. The only reason I wanted to sell was for a bigger house for the g'kids.

Somehow he thinks he can "upgrade" my house to sell quickly. I think he wants to make money on unnecessary "renovations" I haven't even listed here. I've already spent $5,000 following his "professional advice". He took a home I loved and ruined some of the best features, including my walk in pantry. I've decided not to sell my house -- I'm kicking that jerk to the curb and the Bank of Dyed Grey is officially closed!!!

OK ... rant over!


~My Guardian Angel hangs out with hunky space aliens~
 
Posts: 4720 | Location: California - San Francisco Bay Area | Registered: Sep 18, 2002Reply With QuoteReport This Post
Picture of rker321
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If your post is not a joke, and it really looks like one, have you filed a restraining order on your neighbor?
 
Posts: 4996 | Location: 0 | Registered: May 31, 2007Reply With QuoteReport This Post
Picture of Dyed Grey
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The only thing funny about all of this is how naive I was for almost 3 months. I haven't heard from him for 2 weeks, which is actually ever since I told him I had made other arrangements with somebody to fix everything he'd screwed up. I was considerable less than pleasant. (!!!) He still has not removed his "coming soon" realtor's sign, which I will personally remove this next weekend when my adult son can help dig it up.

I'm not looking forward to unpacking all the boxes in the garage to put my home back in order. Thankfully, I had declined his offers to help me get rid of possessions. Golly, he had offered to buy all my extra furniture for $75 total .... *guffaw*! And all my quilts he was certain he could sell for $15-$20 each ... the type I used to make and sell for $250 - $350. At least now I can unpack my quilting stash and supplies *huge grin*

It would have been nice to move to a bigger house, and perhaps we'll still do that next year. I'm certainly much wiser on how to interview a realtor to sell my house!!!!


~My Guardian Angel hangs out with hunky space aliens~
 
Posts: 4720 | Location: California - San Francisco Bay Area | Registered: Sep 18, 2002Reply With QuoteReport This Post
Picture of pinecone476
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I am sick reading this Dyed Grey. I would report him to your realty board, umm, realtors here is that the place? Quilts for $15/20??? On what planet. Hope you can get the place back to feeling homey again.

piney
 
Posts: 3188 | Location: New England, U.S.A. | Registered: May 21, 2004Reply With QuoteReport This Post
Picture of Jewel
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Although I can see that this was a traumatic experience for you, I'm wondering why you're giving up rather than listing with a different realtor? Did your reason for moving change?
 
Posts: 8200 | Registered: Sep 18, 2002Reply With QuoteReport This Post
Picture of ga.karen
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Another Master Gardener here DG...your shrubs will likely recover. It may take a couple of years, but that shouldn't be a problem. After they bloom in the spring, Prune off any dead or damaged limbs and shape them if it is needed.
What kind of trees did he cut the branches off of? As long as the main stem/trunk is still there they will likely resprout new branches close to where the others were cut.
I would NOT invest in new landscaping until after I had seen how what is still there recovers.


"The soil is the source of life, creativity, culture and real independence." David Ben-Gurion
 
Posts: 4845 | Location: SW Ga. 8b | Registered: Apr 21, 2011Reply With QuoteReport This Post
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I would report him to the board of realtors. He's crazy.
 
Posts: 1117 | Location: North Carolina Close to Charlotte | Registered: Apr 02, 2003Reply With QuoteReport This Post
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